Asia Commercial Bank (ACB), the second largest joint stock commercial bank in Vietnam, attained after-tax profit of VND297 billion (US$18.8 million) in the first ten months this year, a sharp rise of 41 per cent against the same period last year.
ACB expects its earnings to reach VND360 billion (US$22.8 million) by the end of 2005, in comparison with 2004’s profit of VND278 billion (US$17.6 million).
By the end of October, the customers with deposits in the bank hit record growth of 215,000, in increase of 30 per cent against the same time last year. Of them, individual clients rose 29.56 per cent and corporate clientele 33.8 per cent.
ACB posted total mobilized capital at VND19.86 trillion (US$1.27 billion) in January-October, up 59 per cent on-year, while its outstanding loans at VND8.49 trillion (US$537 million), up 38 per cent.
The bank’s total assets are currently valued at VND21.7 trillion (US$1.37 billion), an increase of 53 per cent from a year earlier.
ACB currently has chartered capital of VND948.3 billion (US$60 million) - domestically the second largest in terms of capital after Sacombank - with a network of 55 branches nationwide.
The bank has recently received the International Payment Award 2005 granted by both the global Hong Kong and Shanghai Banking Corporation (HSBC) and Citigroup, which certifies that it has been excellent in Straight Through Processing (STP) payment and obtained high international payment revenues.
ACB has offered the international payment service since 1994 and established relations with banks in more than 100 countries worldwide.
The Banker, a prestigious financial magazine of the British economics-finance consortium Financial Times, also presented the bank with the “Bank of the Year 2005” title.
Securities Investment, VET
Vietnamese
